By Hugh Bronstein and Jorge Otaola BUENOS AIRES (Reuters) - Argentina's peso lost as much as nearly one-fifth of its value on Thursday despite the central bank's hiking its benchmark interest rate to a dizzying 60 percent as investors panicked over President Mauricio Macri's handling of an economic crisis. Onerous borrowing costs combined with government spending cuts and a drought that crippled Argentina's agricultural sector this year have slammed Latin America's third-largest economy. It is expected to enter recession in the third quarter.
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Friday, 31 August 2018
Argentina's peso in freefall despite central bank rate hike to 60 percent
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